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Industry experts believe that the growth of women-led venture funds will play a pivotal role in further boosting female entrepreneurship in the UAE. While there has been a notable increase in women holding top positions, particularly in the public sector, the private sector needs to create more networking opportunities for women to advance their careers and increase female representation in boardrooms. The UAE government has taken significant steps to enhance women’s contributions to society, and now, fostering an ecosystem that supports women-led startups is a priority.The Power of Women-Led Venture FundsZahra El Zayat, Chief Commercial Officer at evision, points out that women are making their voices heard in boardrooms, investment committees, and funding rounds. Companies like e& capital, with its $250 million venture capital fund, prioritize diversity and inclusion when investing in startups. However, the lack of female-led venture capital firms and limited networking opportunities hinder women entrepreneurs from accessing funding.Yousef Al Otaiba, the UAE’s Ambassador to the US, emphasizes the need for more women-only funds, incubators, and programs to create the right ecosystem that encourages women to take risks and enter the entrepreneurial space. The UAE government’s support for female participation is evident, but the private sector needs to catch up and offer more incentives and opportunities to women entrepreneurs.Challenges Faced by Women EntrepreneursHuda Al-Lawati, Founder and CEO of Gulf Co-operation Council-centric fund Aliph Capital, highlights challenges in the education system that discourage risk-taking. Unlike Europe and the US, where youngsters have a better understanding of entrepreneurship and its responsibilities, the UAE’s education system needs to foster an entrepreneurial spirit from a young age.Visa’s Women SMB Digitalisation Index reveals that nearly half of women business owners in the UAE face challenges in raising capital, leading eight out of ten to rely on personal savings for funding. Additionally, stereotypes about women being less capable of making tough decisions persist. However, women-owned businesses in the UAE excel in digital marketing, online presence, and customer engagement, reflecting their determination to overcome barriers.Empowering Female EntrepreneursThe UAE’s commitment to gender equality is evident in the Global Gender Gap Report. However, there is a call for more representation and opportunities for women in venture capital and entrepreneurship. Encouragingly, the UAE government is well ahead in supporting and promoting female participation compared to the private sector.To empower female entrepreneurs, it is essential to create a nurturing environment with incentives and mentorship opportunities. By establishing women-led venture funds, incubators, and programs, the UAE can accelerate the growth of women-led startups and businesses, contributing to the nation’s sustainable economic development.
